No house yet? These tips will help you buy your first property in Canada. Find out more.
This advertisement has not loaded yet, but your article continues below.“ always recommend our prospective clients start an RRSP account,” he said. “The best part of one of the programs by the government to support first-time homebuyers is that you can actually use up to $35,000 from your RRSP savings to use as your down payment.”
Ottawa also launched the first home savings account , which combines some features of both RRSPs and tax-free savings accounts to help first-time buyers purchase a new home.Article content “Let’s say you were even going to buy this year,” he said. “You could put that $8,000 into the first home savings account, get a tax refund the following year and be able to pull that out whenever you want for a purchase right away.”Secure a stable job
Though Prasad had several years of digital marketing experience from working in Dubai, he decided to do a postgraduate program in digital media marketing at George Brown College in Toronto to help him enter the Canadian job market and land a secure position.Article content A few months after his probationary period ended in 2021, he got a letter of pre-approval for a mortgage in November that year and began looking for a home to buy.By May 2022, Prasad closed a deal on a 700-square-foot, one-bedroom condo in Hamilton that he purchased for $500,000.Article content
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